Polygon Is Giving Ethereum A Tough Time In NFT Space! What You Should Know

OpenSea is the world’s first and largest marketplace for non-fungible tokens (NFT’s), and crypto collectibles. Where users can buy, sell, and discover digital assets. NFT’s can be collected, gifted, or sold. A majority of the NFT’s are on Ethereum currently.

According to substantial sources, OpenSea has sold 1.6 million NFT’s in total in August 2021, out of which Polygon users contributed 20% of the transactions owing to 300k NFT’s traded. The OpenSea marketplace found a total of 215k first-time users who made at least 1 transaction. And the interesting part is 70% of the contributions are from Polygon users.

OpenSea recorded a total of 320k active users, out of which about 60% of all active users are from Polygon. From a total trade of $3.3 Billon, Polygon accounts for around 2% of trade volume, amounting to $50 Million.

The Reason Behind Polygon Excellence

Users on OpenSea can select which blockchain to create NFT’s on. Polygon supports Polygon ETH by default. However, users can opt between Polygon DAI and Polygon USDC.

Polygon offers a number of benefits like a combination of the best of Ethereum and Sovereign blockchains, lower gas fees, powerful, scalable, modular, and secure.

Another important feature of the Polygon is that it can create a semi-fungible item for free. Semi-fungible tokens are tokens that can be both fungible and non-fungible. Users can increase the supply of their NFT’s which users can increase the number of times they can be minted. By which the item created can be owned by multiple wallets.

In conclusion, it is worth mentioning that Polygon is levelling up to be an alternative to Ethereum in the NFT space, by being a top player on the OpenSea marketplace. Creators don’t have to look for other blockchains, as it offers bells and whistles over others. And numbers justify its perks. 

Leave a Reply